ETHZilla (ETHZ) Stock Rises 13% as Company Rebrands to Forum Markets

TLDR

• ETHZilla (ETHZ) stock rose 13% to $3.91 after rebranding to Forum Markets
• Ticker will change to “FRMM” on Monday, pending Nasdaq approval
• The company is ditching its crypto treasury strategy to focus on tokenization of real-world assets (RWA)
• ETHZilla still holds 69,802 ETH worth ~$145 million, but has sold over $114 million in ETH since October
• Recent RWA moves include $4.7M in home loans and two aircraft engines being tokenized

ETHZilla stock jumped more than 13% on Wednesday after the company announced it is changing its name to Forum Markets and walking away from its Ethereum treasury strategy.

Ethzilla Corp., ETHZ

The stock closed at $3.91, its highest level in nearly a month, before trading flat in after-hours.

The company will do business as Forum going forward. Its ticker will also change from ETHZ to “FRMM” at market open on Monday, subject to Nasdaq approval.

CEO and chair McAndrew Rudisill said the rebrand reflects a belief that the next generation of financial markets will be built around institutional-grade, on-chain products backed by real assets.

This is ETHZilla’s second rebrand in under 12 months. The company started life as biotech firm 180 Life Sciences before adopting the ETHZilla name and buying Ethereum in July 2025.

That crypto treasury pivot briefly sent the stock soaring to over $107 in August 2025, helped in part by backing from Peter Thiel and his Founders Fund. Ethereum was trading close to $4,950 at the time.

Since then, things have moved fast — and not in a good direction. ETH has dropped more than 50% from those highs, and ETHZ stock is down over 20% year-to-date.

Thiel’s Founders Fund has since exited its position entirely, according to a recent SEC filing.

Selling ETH to Fund the Pivot

ETHZilla has been quietly reducing its ETH holdings to fund the transition. In October, it sold around $40 million worth of ETH as part of a $250 million stock repurchase plan.

In December, it sold an additional 24,291 ETH — worth roughly $74.5 million at the time — to retire senior secured convertible notes.

The company still holds 69,802 ETH, worth approximately $145 million at current prices, making it one of the largest corporate holders of Ethereum.

Management has made clear that future performance will be measured by revenue and cash flow from its RWA platform, not crypto-focused metrics like net asset value multiples.

Into Real-World Assets

Earlier this month, ETHZilla acquired a $4.7 million portfolio of 95 manufactured and modular home loans, which it plans to tokenize on an Ethereum Layer 2 network. The target annualized yield is over 10%.

The company has also purchased two CFM56-7B24 aircraft engines leased to a major US air carrier. These are being tokenized through Liquidity.io, an SEC-regulated alternative trading system.

The aircraft token product, called Eurus Aero Token I, launched earlier this month.

Ethereum itself rose roughly 12% on Wednesday, reclaiming the $2,000 level at around $2,058 at the time of writing.

ETHZilla raised $565 million in 2025 to build its ETH treasury, with early support from prominent crypto investors including Thiel. The firm’s current ETH holdings stand at $145 million.

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